Suzlon books solid FY Q2 results as turbine orders hit new record

Indian wind turbine maker Suzlon Energy Ltd (BOM:532667) almost doubled its consolidated net profit in its second fiscal quarter through September 30 after its order book reached an all-time-high level of 5.1 GW.

In its quarterly report released on Monday, the manufacturer said net earnings jumped 96% year-on-year to INR 2.01 billion (USD 23.9m/EUR 22.08m) in a "relatively challenging environment” due to prolonged heavy monsoons.

“We are confident in the long-term potential of our business with a clear focus on innovation and growth. With growing momentum in the commercial and industrial (C&I) and Public Sector Undertaking (PSU) segments and a dynamic bidding environment, we are poised for sustained growth and success," said CEO JP Chalasani.

At INR 20.93 billion, Suzlon’s revenues in July-September improved only slightly in sequential terms but marked a significant increase from the INR 14.17 billion booked in the year-ago period. Earnings before interest tax, depreciation and amortisation (EBITDA) came in at INR 2.94 billion, growing 31% on the year.

Suzlon delivered 256 MW of turbines in the reporting period, which was in line with market expectations and represented a 94% year-on-year rise. The company’s order book swelled to 5.1 GW, largely thanks to a deal for the supply 1,166 MW of turbine generators to NTPC Green Energy Limited (NGEL), touted as India’s largest wind energy order.

(INR 10 = USD 0.119/EUR 0.110)

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